The Caisse again increases its stake in Gaz Métro

Infrastructure
Montréal,
February 3, 2011

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Montreal, February 3, 2011 - The Caisse de dépôt et placement du Québec announced today an agreement with Laurentides Investissements S.A.S. (a subsidiary of GDF Suez, a major French energy company) to significantly increase its investment in Gaz Métro. This transaction follows a similar one announced in November 2010, in which the Caisse acquired SNC-Lavalin’s stake.

The Caisse, alongside its partner Enbridge Inc., will consequently buy out the entire 17.56% Laurentides Investissements stake in Noverco, an investment company that owns 100% of Gaz Metro Inc.

Upon completion of this transaction, the Caisse will hold up to 10.7% more in Noverco, which may represent a $227 million investment, pursuant to the exercise of purchase rights by other limited partners (see the fact sheet below).

“Our profitable business relationship with Gaz Métro dates back many years, which allowed us to acquire an in-depth knowledge of the company. We believe that Gaz Métro possesses the strengths to maintain its current position as a leader. The Caisse is a long-term investor and Gaz Métro, a high-quality investment, provides consistent returns to its depositors and the Québec economy,” said Michael Sabia, Caisse President and Chief Executive Officer.

The Laurentides Investissements buyout is conditional on the customary regulatory approvals for this type of transaction.

ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. At December 31, 2009, it held $131.6 billion of net assets. As one of the leading institutional fund managers in Canada, the Caisse invests in the main financial markets as well as in private equity and real estate.
For more information: www.cdpq.com.